Over the past several months, Missouri and Florida have gone on the offensive against the nation’s largest proxy advisors related to what they deemed “radical” agendas in providing proxy advice. In Texas, two of the largest proxy advisors, Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co., LLC (“Glass Lewis”), punched first, filing separate complaints in federal court against Texas Attorney General Ken Paxton in his official capacity, challenging the facial and as applied constitutionality of Senate Bill 2337 (“S.B. 2337” or “the Act”). The Act would require all proxy advisory services to disclose advice or recommendations that are “not provided solely in the financial interest of the shareholders of a company.” Click here to continue reading the full version of this alert.
